However, SEBI said no quantifiable figures were available to assess the disproportionate gain, unfair advantage or the amount of loss caused to an investor or group of investors due to the fraudulent practices and non-genuine transactions by Bharrat between January and March in 2007.
"The findings of the examination brought out that the F&O segment was awash with transactions undertaken by stockbrokers and clients which essentially were non-genuine," Securities and Exchange Board of India said in its order in the case.
The penalty, SEBI said was commensurate with the violations of the SEBI Act done by Bharrat.
The order said the dealings were in the nature of fictitious transactions resulting in creation of misleading appearance of trading in these options. "It was also brought out that the stock-brokers had transacted in both type of contracts - futures as well as options contracts," it said.
